snowy pine forest

Case study Nordic Onshore

Creating additional wind farm capacity in Sweden

InfraRed is the investment manager of a UK-listed diversified renewables investment company. Over the past few years, we have been diversifying its portfolio of onshore wind assets, acquiring and constructing assets in Sweden – a key European market with a strong pipeline and favourable conditions for onshore wind.


In 2019, as the investment manager of this listed diversified renewables investment company, we acquired 100% of the Jädraås wind farm, to the north of Stockholm. This was the company’s first completed investment in Sweden and a significant expansion into the Nordic market. In 2021, we progressed further, acquiring 100% of Grönhult – a ready-to-build onshore wind farm in the southwest of Sweden. In the same year, we also acquired a 50% stake in Ranasjö and Salsjö (‘Twin Peaks’) two ready-to-build onshore wind farms in central Sweden.

Grönhult was acquired from Swedish multinational power company Vattenfall – who the company partnered with to manage the construction. Now operational, the project benefits from increasing electricity demand through greater electrification of transport and the expansion of other energy intensive industries (e.g. data centres) in and around Stockholm and Gothenburg.

Ranasjö and Salsjö were acquired from, and are being constructed by, Arise – an active developer in the Nordics and UK – from whom we also acquired Jädraås in 2019. The projects are being funded on an ungeared basis and are expected to be completed in the spring of 2024. Once operational, Twin Peaks will provide enough clean energy to power the equivalent of more than 45k homes*.

These acquisitions mark a significant expansion into the Nordic region – an important market with a strong pipeline and favourable conditions for onshore wind.

  • Initial investment


  • Theme

    Energy Transition & Renewables

  • Strategy

    Core Energy

  • Country


Nordic Onshore Key statistics

  • 67

    Megawatt capacity (Grönhult)

  • 121

    Megawatt net capacity (Twin Peaks)

  • 213

    Megawatt capacity (Jädraås)

  • 70K

    homes will be powered by our owned capacity*

  • 75k

    tonnes of carbon will be avoided annually by our owned capacity**


This expansion into the Nordic region is typical of our strategic approach to portfolio construction. Sweden is a region with high wind resource and strong renewables support, where most projects are unsubsidised – providing the opportunity for higher returns, which we combined with more secure revenues from subsidised projects. The Nordic region represents a key market for the company, as these assets fit neatly into the portfolio alongside those which have strong government support mechanisms, diversifying the portfolio across both revenues and geographies.

These acquisitions also demonstrate our ability to develop and leverage relationships with investors who share our values. By partnering with strong counterparties in the Nordic region, we’ve been able to establish a presence in one of Europe’s most attractive regions for renewable energy development – while benefitting from their local market and sector expertise.

In an increasingly competitive renewables market, partnering with well-aligned organisations enhances our access to opportunities, while de-risking investment.

“The Nordics is a key region to achieve diversification for our portfolio. In an increasingly competitive market for renewables, partnering with aligned counterparties has helped us to enhance our access to attractive onshore opportunities outside of UK.”

Richard Crawford Head of Energy Income Funds, InfraRed

* Based on average regional household electricity consumption figures
** Based on the IFI Approach to GHG Accounting for Renewable Energy

Further reading